OPEN A TAX-FREE SAVINGS ACCOUNT NOW TO MAKE MONEY!

For those privileged enough to live within their means, save a percentage of your income with an automatic monthly transfer to a TFSA (tax-free savings account). Most banks allow you to open a TFSA for free or minimal fees and the only way to lose money is if you over contribute. The TFSA contribution limit for 2020 was $6,000. Many financial experts say that the biggest mistake a person can make is not having a TFSA, in addition to their chequing account. RRSP (registered retirement savings plan) and mutual funds are more complex for beginner investors (| suggest arranging a meeting with a financial coach). Bromfield's clients can expect from her a “non-judgmental, friendly [approach],” and she is “willing to meet them wherever they're on their financial journey.” Before launching her business, Bromfield mentored family members and friends to understand how money advice needs to be tailored to an individual, recognizing triggers for overspending and personalized budgets, because yes, a budget is necessary to meet your financial goals.

lf anything, the past year and a half has shown us that the future is always uncertain. Having funds allocated in case of an emergency is vital so you don't end up going into debt from not paying bills, which negatively affects your credit scores. You can check your credit score for free using creditkarma.ca. However, it is worth pointing out that a high credit score does not correlate with financial responsibility. (Personally, | believe credit scores exist as a function within the capitalist system to ensure the rich keep getting richer.) One of the main ways to build credit is by borrowing money, i.e., using a credit card, and then paying off what you spent. Wealthier people can borrow more money at a lower interest rate to invest in property and other assets. Credit scores dictate housing, access to a vehicle, utilities, etc.

APPS TO HELP YOU BUDGET

KOHO, a new era of banking, offers free financial advice with a premium account. A fantastic feature of KOHO is that it separates your spending into different categories, making budgeting easier. | use the app Mint, where | load my debit and credit card, so purchases automatically show up and set a budget for spending categories. Once a week, | check Mint

to see where | should be spending less. Bromfield recommends Wally, YouNeedaBudget (YNAB), the old school pen and paper (her preferred method), and the notes app.

In Canada, secondary students graduate with a medium debt between $19,200 and $21,300. Comparably in the United States, the student debt burden is at a crisis amount of $1.6 trillion. University education is a stepping stone out of poverty and a chance to start a fulfilling career. Debt is also a big reason why some students decide to end their education after high school or prefer the trade school path. For recent university graduates who log in to uncover their debt amount, it can be overwhelming leading them to avoid checking their bank account out of shame or embarrassment for their empty bank account. “| know what it's like not to want to look at your debt, but you gotta do it. Ask yourself, why are you avoiding looking at your bank account? Is it because there's not a lot of money in there? If so, what can you do to add some money in there? If we face our fears, it gets a lot easier and less scary.”

We are used to making personal goals for ourselves (I set mine once a month during the new moon). Why not set goals for our finances?

To ensure we meet our goals, Bromfield suggests creating a financial plan, taking note of your debt, interest rate, and establishing a payment plan. For Bromfield, her goal was travel for which she successfully saved $10,000 in eight months. She used not paying rent, living at home with her parents to her advantage, depositing the money she would have spent on rent into a savings account.

We can live in a world where young people no longer have to face hurdles to financial security. Bromfield says, "When | started believing [financial success] was possible, it was possible. When you change your habits, you may be surprised how capable you are.” Adams shares encouragement with readers. "It is never too late to feel confident asking for raises and manifesting a dream career [after university.]” Follow Courtney Adams on social media @courtney_adams, and her podcast Do Epic Shit. Follow Raeah Bromfield on social media @ intentionally.wealthy and at her website (also called intentionally wealthy).

Illustration by Udeshi Seneviratne